Bursa Malaysia Berhad gives advice to investors and the general public on the need to be wary and alert of online investment scams that is on the rise in the country.
The Exchange said it has recently seen an increase in reports of investment scams, with scammers now using various social media channels, including Telegram, to lure unsuspecting members of the public to participate in dubious online investment schemes. Many of these scammers have been found to misuse the Bursa Malaysia name and logo, as well as misrepresent themselves as employees of the Exchange.
Similarly, Malaysia has seen a drastic increase in online scams over the last two years during the Covid-19 pandemic. According to the Royal Malaysia Police’s commercial crimes investigation department, a total of 71,833 scams, amounting to more than RM5.2 billion losses, were reported from 2020 until May 2022. Among the cases reported, 11,875, or about
17%, were related to loan and investment scams. Given the increasing number of scam cases, it is important for investors to have the right investment knowledge and tools in order to make informed decisions and easily identify fraudulent activities. In an effort to ensure the public is continuously alerted to scams, the Exchange will commence a series of online posts #stayalert about different types of investment scams misrepresenting Bursa Malaysia. These weekly postings will serve as a regular reminder to the public to be wary of scammers and protect their investments.
Bursa advises the public to be more vigilant when approached by parties misrepresenting themselves as having the Exchange’s endorsement or as its employees, and to only follow its official social media channels.
Additionally, the Exchange would also like to remind members of the public that the Exchange will not request for them to pool funds for any collective investment scheme and that they